EU pledges €5 billion for Egypt’s small businesses

European Commission President Ursula von der Leyen stated that the European Union (EU) will support Egypt with five billion euros to finance small and micro-enterprises, emphasizing the bloc’s backing for Egypt’s economic stability.

Speaking at a joint press conference in Brussels on Wednesday, following a high-level Egypt-EU summit, Von der Leyen, joined by Egyptian President Abdel Fattah al-Sisi and European Council President António Costa, affirmed that the EU is Egypt’s largest trading partner, with investments reaching €49 billion last year.

She also confirmed the EU’s support for Egypt’s ambition to become a regional energy hub.

Von der Leyen also noted the EU’s intention to launch platforms aimed at accelerating the adoption of renewable and clean energy and fostering industrial cooperation between the EU and its southern neighbor, Egypt.

The EU will grant Egyptians free access to the bloc’s Artificial Intelligence (AI) platforms and full computing capabilities, she added.